Pacific & Western Credit Corp. announces normal course issuer bid



    LONDON, ON, July 18 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC)
today completed a Normal Course Issuer Bid which took place from July 19, 2007
to July 18, 2008. Pursuant to that Normal Course Issuer Bid PWC repurchased
for cancellation 212,000 of its Common Shares at a weighted average price of
$7.22.
    PWC has received regulatory approval and has filed with the Toronto Stock
Exchange a Notice of Intention to make another Normal Course Issuer Bid,
pursuant to which PWC may purchase for cancellation up to 500,000 of its
Common Shares, representing 3.66% of the 13,652,652 issued and outstanding
shares of PWC as of July 18, 2008. The average daily trading volume for the
months of January - June 2008 was 7,005 shares, and therefore, subject to one
block purchase per calendar week allowed pursuant to the rules of the
Exchange, the maximum number of shares that may be acquired each day is 1,751
shares.
    Purchases under the new Normal Course Issuer Bid may commence on July 22,
2008 and will terminate on July 21, 2009, or such earlier date as PWC may
complete its purchases pursuant to the Notice of Intention. The purchases will
be made by PWC through the facilities of the Toronto Stock Exchange and in
accordance with the rules of the Exchange, and the prices that PWC will pay
for any Common Shares will be the market price of such shares at the time of
acquisition. PWC will make no purchases of Common Shares other than open
market purchases.
    PWC continues to believe that the market price of its Common Shares is
unusually low and does not fully reflect the value of its business and future
business prospects. As a result, PWC believes that purchasing its Common
Shares represents an attractive investment opportunity and an appropriate and
desirable use of available funds.
    Pacific & Western Credit Corp. shares trade on the TSX under the symbol
PWC.

    To receive company news releases, please contact:
    Carla McPhee at carlam@pwbank.com, (519) 675-4204





For further information:

For further information: Investor Relations: (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola,
Vice-President, (416) 203-0882, telm@pwbank.com; Visit our website at:
http://www.pwbank.com

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Pacific & Western Credit Corp.

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